Wednesday, December 28, 2011
Saturday, October 29, 2011
Tuesday, October 25, 2011
Wednesday, October 19, 2011
Thursday, October 13, 2011
Tuesday, October 11, 2011
Tuesday, October 4, 2011
Saturday, October 1, 2011
Wednesday, September 28, 2011
Tuesday, September 27, 2011
You can't fix stupid!
Banks and credit unions received $30.8 billion in revenues from overdrafts in the first 2 quarters of 2011. Those same institutions received $33.1 billion from overdraft fees in 2010. 2011 promises to be a bumper year!
90% of overdraft fees are paid by the 10% who can least afford to pay them!
The public should practice what they preach before screaming at Washington about over-spending! There is little point in switching from credit card use to using overdraft privileges to fund a lifestyle. If we are to expect Washington to live within its budget, we had better start at home.
90% of overdraft fees are paid by the 10% who can least afford to pay them!
The public should practice what they preach before screaming at Washington about over-spending! There is little point in switching from credit card use to using overdraft privileges to fund a lifestyle. If we are to expect Washington to live within its budget, we had better start at home.
Saturday, September 24, 2011
Friday, September 16, 2011
Friday, September 2, 2011
Friday, August 26, 2011
Monday, August 22, 2011
Wednesday, August 17, 2011
Tuesday, August 16, 2011
Monday, August 15, 2011
Friday, August 12, 2011
Thursday, August 11, 2011
Monday, July 18, 2011
Lay-offs!
Cisco will lay of 11,500 workers this year in its attempt to cut costs and refocus. Borders will close its remaining 400 stores immediately, putting 11,000 employees out of work.
Cisco's CEO's compensation in 2009 was over $12 million. Border's CEO's compensation in 2009 was $850,000. These are the people who, according to some, shouldn't have their personal income tax rates raised as they are the job creators in this country.
Cisco's CEO's compensation in 2009 was over $12 million. Border's CEO's compensation in 2009 was $850,000. These are the people who, according to some, shouldn't have their personal income tax rates raised as they are the job creators in this country.
Thursday, July 14, 2011
Tuesday, July 12, 2011
Monday, July 11, 2011
The IRS and Disaster Planning
The IRS wants you to know:
How to Prepare Before a Disaster Strikes
- Recordkeeping: Take advantage of paperless recordkeeping for financial and tax records. Many people receive bank statements and documents electronically and important documents like W-2s and tax returns can be scanned into an electronic format and stored on a flash drive or CD in a safe place. Keep it with other essential documents like home-closing statements, vehicle titles, insurance records and birth, death or marriage certificates and legal paperwork. Some online services can automatically back up computer files and store them offsite. Regardless of how you save your documents (whether it is electronically or on paper) ensure they are safe from the elements, but also encrypted and/or locked up to guard against disclosure or theft.
- Document Valuables The IRS has disaster loss workbooks for individuals that can help you compile a room-by-room list of your belongings. One option is to photograph or videotape the contents of your home, especially items of greater value. You should store the photos or video in a safe place away from the geographic area at risk. This will help you recall and prove the market value of items for insurance and casualty loss claims in the event of a disaster.
- Update Emergency Plans Make sure you have a means of receiving severe weather information; if you have a NOAA Weather Radio, put fresh batteries in it. Make sure you know what you should do if threatening weather approaches or if a fire occurs. Review your emergency plans annually.
- Count on the IRS In the event of a disaster, the IRS stands ready to help. The IRS has valuable information you can request if your records are destroyed. If you have been affected by a federally declared disaster, you can receive copies or transcripts of previously filed tax returns free of charge by submitting Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return. Clearly indicate the official name of the disaster in red at the top of the form, to expedite processing and waive the usual fee for tax return copies.
Sunday, July 10, 2011
Wednesday, July 6, 2011
Sunday, July 3, 2011
Friday, July 1, 2011
Sunday, June 19, 2011
Wednesday, June 15, 2011
Has your favorite charity lost its tax-exempt status?
If your favorite charity lost its tax-exempt status, you can't deduct those charitable contributions on your tax return!.
The Internal Revenue Service announced yesterday that approximately 275,000 organizations have automatically lost their tax-exempt status because they didn't file legally required annual reports for 3 consecutive years. The IRS believes the vast majority of these organizations are defunct, but announced special steps to help any existing organizations to apply for reinstatement. Below is a link to the list broken down by states.
http://www.irs.gov/charities/article/0,,id=240099,00.html
The Internal Revenue Service announced yesterday that approximately 275,000 organizations have automatically lost their tax-exempt status because they didn't file legally required annual reports for 3 consecutive years. The IRS believes the vast majority of these organizations are defunct, but announced special steps to help any existing organizations to apply for reinstatement. Below is a link to the list broken down by states.
http://www.irs.gov/charities/article/0,,id=240099,00.html
Tuesday, June 7, 2011
Monday, June 6, 2011
Masschusetts K-12 schools
Massachusetts has one of the best K-12 education systems in the country. In 2009, 8th grade students scored higher on standardized NCES reading and math tests than in ANY OTHER state. Massachusetts' new budget, approved in May, added millions for K-12 education, including money for special ed. However, Federal funding is being reduced. The state and municipalities will have to shoulder a greater percentage of educational costs, and that spells lay-offs.
Monday, May 23, 2011
Massachusetts Unemployment Tax Rate Drops Below 8%
Massachusetts unemployment tax rate dropped to 7.8% in April, 2011. The national rate for the same period was 9%. Slowly coming down!
Thursday, May 19, 2011
Wednesday, May 11, 2011
Friday, April 29, 2011
Sunday, April 17, 2011
Saturday, April 16, 2011
Ireland's Minimum Wage
Minimum wage in Ireland is $12.49 per hour. Minimum wage in the USA is $7.25, in Massachusetts $8.00.
Wednesday, April 13, 2011
Procrastinators relax!
IRS filing deadline is April 18th this year, Massachusetts is April 19th!
If your tax accountant hasn't finished your returns - only Robinson Crusoe had everything done by Friday!
If your tax accountant hasn't finished your returns - only Robinson Crusoe had everything done by Friday!
Wednesday, April 6, 2011
Massachusetts Online Sales Taxes On The Horizon?
The Massachusetts Legislature is considering a bill to force out-of-state companies to collect online sales taxes from Massachusetts residents. The state loses upward of $30 million annually from lost tax revenue to out-of-state retailers. More later!
Federal Budget Cuts and You!
Under the proposed US budget, benefits that face funding cuts include unemployment benefits, federal civilian and military retirement, most veterans' programs, food stamps, Supplemental Security Income, and the refundable parts of the earned income tax credit and child tax credit.
Tuesday, April 5, 2011
Getting mail from the IRS!
The IRS Taxpayer Advocate reoirts that the IRS rarely checks to make sure letters have been sent to correct addresses. Almost 10% of overall IRS mail is undeliverable!
E-filing vs. paper returns at the IRS
It costs .17 to process an e-filed return, $3.66 for a paper return!
The IRS and possible government shut-down!
The IRS will deposit checks for returns already processed.
The IRS will not process more returns once the shut-down starts, nor will it issue refunds.
The IRS will not process more returns once the shut-down starts, nor will it issue refunds.
Tuesday, March 29, 2011
Monday, March 28, 2011
Tuesday, March 22, 2011
Income in the US
The average annual income for the bottom 90% of Americans is $31,244.
The average annual income for the top 1% of Americans is $27 million.
The 9% in between - the ever-shrinking middle class!
The average annual income for the top 1% of Americans is $27 million.
The 9% in between - the ever-shrinking middle class!
Wednesday, March 16, 2011
Fidelity Eliminating 1100 Massachusetts Jobs
Fidelity is eliminating 1100 of its 8400 Massachusetts jobs by closing its Marlborough facility.
Friday, March 11, 2011
IRS is trying to help taxpayers facing IRS debt!
The IRS is raising the threshold before liens attach. They are also making the process for lien removal/withdrawal easier once taxes are paid.
For an unpaid assessment of $25K or less, taxpayers can get a lien withdrawn after making a debit installment payment agreement.
A new offer in compromise program will allow taxpayers, with incomes less than $100K, and a liability less than $50K, to make an offer to settle tax debt for less than the full amount, based on an IRS determination of ability to pay.
Thursday, March 10, 2011
Gasoline costs $9.69 a gallon in England today!
Heather and I were in England last May. When filling the tank of our rented car for the first time, the $120 cost made my $40 a tank in the US seem paltry! That tank of gas today in England is $155!
Wednesday, March 9, 2011
Tuesday, March 8, 2011
Monday, March 7, 2011
Massachusetts Tax Refunds
To date, the average Massachusetts tax refund (tax year 2010) is $479.
This time last year the average was $488.
Thanks to Ray Bliss of Mass DOR for providing this information!
This time last year the average was $488.
Thanks to Ray Bliss of Mass DOR for providing this information!
Sunday, March 6, 2011
Saturday, March 5, 2011
Average Tax Refund as of March 4th
The average tax refund is $3,129 as of March 4th, 2011. At this time last year, the average was $3,149.
Thursday, March 3, 2011
Wednesday, March 2, 2011
Tuesday, March 1, 2011
1.1 Billion Unclaimed!
The IRS wants you to know it has $1.1 billion for taxpayers who didn't file a 2007 income tax return. Filing deadline is April 15th, 2010!
Thursday, February 24, 2011
Wednesday, February 16, 2011
Massachusetts State and Municipal Employees' Health Insurance Benefits
Massachusetts law mandates lifetime health care insurance after 10 years of employment, rather than tying the benefit to the same number of years as that needed for retirement. A state or municipal worker is only required to work at least 20 hours per week to receive health care insurance. That employee gets lifetime health insurance after 10 years of employment! Private workers would be overjoyed at such a benefit!
Massachusetts towns and cities are drowning in debt and must consider more realistic qualifications for lifetime health insurance eligibility. The state should use the same FTE definition as private employers (35 hours per week) Given the state of the economy, it may be necessary to consider cutting back on retiree health care benefits. If this isn't considered and implemented, our current necessary services, and levels of municipal employment, can't be sustained.
Saturday, February 12, 2011
Thursday, February 10, 2011
Wednesday, February 9, 2011
Tuesday, February 8, 2011
Saturday, January 29, 2011
Friday, January 28, 2011
Tuesday, January 25, 2011
Monday, January 24, 2011
Friday, January 21, 2011
Thursday, January 20, 2011
IRS Valentine's Day Gift
The IRS will begin processing delayed tax returns on February 14th, 2011. Happy Valentine's Day!
Wednesday, January 12, 2011
No Payroll Tax Break for Some Federal, State and Municipal Workers!
Approximately 6 million Federal, state and municipal workers who do not contribute to Social Security,will not get a payroll tax cut this year. There is no plan in Congress to remedy this inequitable treatment of those affected. The Work to Pay Credit ended in 2010, so these workers will actually net LESS in each paycheck this year. On top of that, Federal workers are under a 2-year pay freeze!
Friday, January 7, 2011
Tuesday, January 4, 2011
Buying Massachusetts health insurance?
Need to buy health insurance in Massachusetts? Now's the time!
Are you planning to purchase a health insurance plan without an employer or government subsidy?Massachusetts state law sets 2 open enrollment periods for 2011:
- January 1 through February 15, and
- July 1 through August 15
For more information, contact the Massachusetts Division of Insurance, the Health Connector or any Massachusetts health insurance carrier.
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